Indian shares fell about 1% on Wednesday, with financials and metals leading a broad-based retreat as investors fret over the rising COVID-19 cases in China and the Federal Reserve's interest-rate hiking path.
Analysts said the uncertainty over demand recovery in China due to the surge in COVID-19 cases has forced metal companies to offer retailers discounts, diluting the effect of higher prices.
"While the prices across metal segments ... have risen in January, companies' margins are not seeing a significant improvement," said Mohit Lohia, research analyst at ICICI Securities.fell 3.52% after reporting a 9% drop in average gross operated production for the third quarter, while aluminium production also declined.fell 2.21%, and was among the top Nifty 50 losers, due to a number of block deals and as analysts raised worries about volume growth.
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